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My wife and I have both lost our jobs in the past few months, and we're quickly becoming completely overwhelmed with debt. At this point, we have no choice but to take money out of our retirement plan in order to stay afloat. We are considering bankruptcy as an option, but we want to wait a little longer to see if things turn around. What do we need to do to prepare, in case we decide to file for chapter 7?
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It's completely understandable that you would want to do everything you can to avoid bankruptcy, but certain things should be avoided. For example, you are highly advised to stay away from your retirement money. If you should find that eventually you have to file for bankruptcy protection, all of your retirement assets will be protected. However, if you've already spent it then it's gone.
You should be realistic about your financial situation, pay only the most important bills, and think about taking pre-bankruptcy counseling classes. These are designed to educate you, not only about bankruptcy, but good financial planning in general.
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Posted by Staff Writer on 21 Jan 2010
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